A crypto analyst is predicting a big jump in Dogecoin’s price, potentially reaching $10. He’s basing this on a technical pattern called the “Inverse Head and Shoulders” that he sees forming on the Dogecoin chart.
What is the Inverse Head and Shoulders Pattern?
This pattern is basically a signal that a downtrend might be ending and a new uptrend is about to start. The analyst says that whenever Dogecoin has shown this pattern in the past, it has led to huge price increases.
Past Performance Suggests Big Gains
He points to two specific examples:
- In the first cycle, Dogecoin surged by over 3,364% after closing the week above a certain resistance level.
- In the second cycle, the price jumped by more than 12,189% after breaking through a similar level.
$10 Target and Beyond
The analyst believes that if Dogecoin closes the week above this key resistance level, it could trigger a big rally. He’s even predicting that the price could reach $10 and potentially even $36 in the future.
Dogecoin on the Rise
The analyst isn’t the only one seeing positive signs for Dogecoin. The coin has been on a tear recently, gaining over 84% in the past week. Its trading volume has also increased significantly.
While it’s always important to be cautious with crypto predictions, this analyst’s bullish outlook, combined with Dogecoin’s recent price action, has certainly got people talking.
